Author: BEX Staff

By BEX Staff for AZBEX The Pinal County Board of Supervisors voted on Feb. 18 to deny a series of requests from Arevia Power that would have enabled development of the Silver King Energy Center on 8,122 acres of Arizona State Trust Land northeast of Florence. Arevia had requested a minor Comprehensive Plan amendment, rezoning from General Rural to Industrial (I-3) and establishment of a planned area development overlay district. County documents and a local news outlet reported the project would have provided up to 800MW of solar power, 400MW of natural gas thermal generation and 800MW of battery energy…

While an ideal stock market would be one in which activity is fueled by careful analysis and studied responses to market trends, the reality is guesswork, human perception and, sometimes, either overly abundant optimism or outright panic play at least as significant a role. In the last week, commercial real estate stocks, particularly those with a presence in the Office sector, have taken a drubbing as investor worries about the impacts of artificial intelligence and process automation on the need for workspace have come to a quick head. As of Feb. 12, CRE stocks were experiencing their biggest selloff since…

Awards & Accolades 1. Luke Field, a 2.4MSF Class A industrial campus developed by Lincoln Property Company and Goldman Sachs in Glendale, achieved LEED Gold v4 certification, becoming Arizona’s highest-scoring LEED industrial building and surpassing Park303 Phase 2 by one point. Located at the SEC of Litchfield Road and Northern Avenue, the project was designed by Butler Design Group and constructed by Layton Construction. Walmart purchased the 1.3MSF Building C in late 2025 for $152M. Groundbreakings 2. The Arizona Department of Transportation will begin a $129M project Feb. 21-22 to widen Loop 303betweenInterstate 17 and 51st Avenue in north Phoenix.…

The seven basin states have missed the most recent deadline to come to a 20-year agreement on water allocations from the Colorado River. The deadline was set by the Trump administration. Negotiations will likely result in a reduction in water allocations for the Lower Basin states. The three Lower Basin states are Arizona, Nevada and California. The four Upper Basin states are Utah, New Mexico, Colorado and Wyoming. The official schedule indicates a final environmental impact statement and record of decision alongside a negotiated agreement will happen by Oct. 1, or the start of the new water year. Interstate negotiations…

By BEX Staff for AZBEX The Maricopa County Board of Supervisors has approved a requested rezoning for 638 acres at the NEC of 491st Avenue and Thomas Road near Tonopah to enable development of a data center site with solar power generation and battery energy storage system facilities. According to project documents and a local news report, the site owners are Grandilla (Arizona) Inc. and Foot Creek Corporation. Ben Heglie of Land Advisors Organization is a director at Grandilla. The owners have requested a Comprehensive Plan amendment from Rural Development Area to Utilities and a rezoning from Rural-43 to Light…

By Roland Murphy for AZBEX Lincoln Avenue Communities is requesting a rezoning of 8.51 acres at the NEC of Lone Tree Road and Pine Knoll Drive in Flagstaff to enable the development of Lone Tree Ranch, a 168-unit affordable housing multifamily community. The property consists of three parcels. Two are currently zoned High-Density Residential with a Resource Protection Overlay. The third is zoned Suburban Commercial with the RPO. LAC has asked that all three carry the high-density zoning. The Flagstaff Planning and Zoning Commission voted unanimously to forward the request to City Council with a recommendation for approval in its…

The Gilbert Planning Commission held a study session earlier this month to discuss the current design for the long-planned Trax at Cooley Station multifamily community. The development by Frankel Family Trust is planned on nearly 20.25 acres at the SWC of Williams Field Road and Verde Drive next to the Cooley Station retail and commercial center. The site is zoned for multifamily under the existing master plan. Total planned density is 22.61 units/acre. Plans call for 10 buildings of between two and five stories in height. The planned unit mix is 245 one-bedroom, 218 two-bedroom and 105 three-bedroom apartments. The…

In 2024, Arizona’s “middle housing law,” House Bill 2721, passed with bipartisan support. The law allows owners and developers to build duplexes, triplexes and fourplexes on single-family lots in cities with populations of more than 75,000. Some residents, many of whom are older and live in established neighborhoods, decried the legislation, saying it would ruin neighborhood character. This week, the Arizona House Rules Committee will hear House Bill 2375, which would carve out historic neighborhoods and exempt them from the requirement. While the proposal from Rep. Matt Gress has generated its own controversy, it, too, has support from both Democrats…

Boards & Commissions 1. The National League of Cities has welcomed Glendale Councilmember Lauren Tolmachoff to its 2026 Large Cities Council and the Information Technology and Communications Committee. Her appointment will last for a year. New responsibilities will be stacked onto her current position in the NLC’s Women in Municipal Government board. Company News 2. Mark-Taylor Residential celebrated its 40th anniversary in 2025. In honor of this milestone, the group gave back to the community through its iNSPIRE corporate social responsibility program. The program experienced record volunteer participation, as well as expanded community investment and meaningful nonprofit partnerships that strengthened…

Sales Transactions 1. An undisclosed buyer acquired a 566.1KSF industrial building in Virgin Industrial Park at 15784 W. Hatcher Road in Waddell for $90.58M. The seller, a partnership between IndiCap and Invesco Ltd., was represented by Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL. The buyer was represented by Sean Kropke, Michael Haenel and Justin Smith of Cushman & Wakefield. 2. Irgang Group’s affiliate, GGCTCN LLC,recently purchased Gilbert Gateway Towne Center for $85M. Mega Furniture’s affiliate, Gilbert Gateway Towne Center Holdings LLC, sold the 259.8KSF shopping center at 5110 S. Power Road. 3. Oaktree Capital Management recently sold the…